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5 Best Analytics Software for Banks

by Scott Max
I'll offer two ways to find the tool, software or service you need, keep reading our breakdown and recommendations, or tell us about your business and the problem you are trying to solve and we will advise you for free!

So, you are in the market for Analytics Software that suits Banks.

Ideal, because in this article we have our compilation list for our top picks, and we compare the features and pricing for you. 


If you just want the best choice, we’ve added that right at the top of the article as this was what is most requested by our customers. So, that’ll be the “can’t go wrong” option. 

Otherwise, feel free to explore all the options we’ve reviewed on the market to find something that might fit you a little better.

Enjoy the list!

The Best Analytics Software for Banks Specifically

Business Data is the cornerstone of every successful organization. Business analytics focuses on deriving valuable insights from your business data. Analytics Software for Banks that offers quality insights, business intelligence, data preparation and assistance in decision-making will be the perfect fit for this category. Have a look at the products below to choose the best Analytics Software for Banks:

1. Tableau

Tableau is a visual analytics platform that helps you comprehend data and solve problems. Founded in 2003, Tableau is the leading data analytics software in almost every industry. With Tableau, you can formulate successful campaigns and business forecasts. It helps you derive maximum critical information from your data records.

Tableau Features

Here are some exclusive features of Tableau:

Tableau Desktop: Tableau delivers everything you require to access and analyze your business data. You can uncover hidden business insights to make faster impactful decisions. Additionally, Tableau powers real-time data exploration by quickly building calculations from existing data. You can combine and clean data within Tableau without any coding.

CRM Analytics: With Tableau, you can find patterns and experience actionable insights specific to your business. You can then infuse these insights into every process. Tableau drives faster decisions with AI-powered predictions and recommendations. It allows you to auto-scale across all users and leverage permissions.

Tableau Prep: Tableau Prep Builder offers a modern approach to data preparation, resulting in swift combining, cleaning and shaping. It provides 3 Coordinated views to show granular details. With Tableau, you can see immediate results while analyzing data and combine multiple data subsets for deeper analysis.

Advanced Management: Tableau offers server and cloud hosting options, allowing you to manage every aspect of the platform. With Tableau's highly configurable abilities, you can pass tough security requirements without compromising on the end-to-end experience.

Data Management: With Tableau's virtual connections, you can design and share a central access point to your data source rather than connecting several workbooks independently. It enables you to curate relevant tables for analysis and simplifies management by consolidating your data.

Tableau Pricing

Tableau offers 3 Pricing options for its data analytics platform. All subscription plans have a custom pricing option.

The "Creator" plan offers a prep builder, Tableau Desktop and one creator license on the cloud server.

The "Explorer" plan offers advanced management and data exploration through self-service analytics.

The "Viewer" plan allows you to interact with dashboards and create data visualizations.

2. RapidMiner

RapidMiner recently merged with Altair to provide a superior experience. It helps you make informed business decisions by uncovering hidden patterns or trends. RapidMiner amplifies the collective impact of your data and provides you; with a competitive advantage.

RapidMiner Features

Here are some exclusive features of RapidMiner:

Data Engineering: RapidMiner ensures your data is analytics-ready before jumping into model creation. It allows you to efficiently explore, prep, catalogue and pipeline your data. Moreover, you can use over 30 Interactive visualizations to identify patterns, trends and distributions within your data set.

True Team Transparency: RapidMiner provides a central source of truth for your projects and makes results tangible and comprehensive. Additionally, it simplifies model ops to generate a real and maximum business effect. With RapidMiner, you can instill confidence in your work using explainable AI.

ML Ops: RapidMiner allows you to operationalize your models faster and continuously monitor them over time to maintain performance. You can use RapidMiner's containerized architecture and code-free model ops to avoid deployment friction. It helps you go beyond traditional accuracy stats by quantifying all factors impacting your business.

Model Building: With RapidMiner, you can empower everyone in your organization to create machine-learning models through a visual or automated approach. RapidMiner offers over 1500 algorithms and functions that support your business analytics requirements and helps you uncover new techniques.

Collaboration and Governance: With RapidMiner, you can promote real-time communication and the widespread reuse of networks. RapidMiner's project-based framework allows you to structure and organize all the work relevant to a given use case. RapidMiner facilitates collaboration regardless of your team member's data science skill level.

RapidMiner Pricing

RapidMiner offers an on-demand and customizable pricing option for its platform.

3. SAP

SAP Analytics Cloud brings together analytics and planning to help you derive unique insights. You can accelerate deployments with pre-packaged best practices for your industry. SAP allows you to simulate any scenario and generate plans from predictions. It drives agile business decisions, helping you scale faster.

SAP Features

Here are some exclusive features of SAP:

Analytics and BI: SAP's intuitive self-service analytics helps you explore data across the organization and deliver insights at the decision point. You can use self-service data modelling to set KPIs and hierarchies while automating data. Additionally, SAP offers interactive visualizations to discover insights and inspire audiences.

Enterprise Planning: SAP drives better business outcomes by creating and linking your financial and operational plans. You can use predictive planning to anticipate business needs and stay agile with forecasting and machine learning. Moreover, SAP allows you to modify versions of the planning model for data-driven budgeting.

Composable Analytics: SAP allows you to tailor analytics and planning applications to meet unique business requirements. You can increase application developer productivity with reusable widgets and flexible APIs. SAP enables users to easily customize and compose analytics applications.

Prebuilt Business Content: SAP offers prebuilt best-practice content packages for businesses to quickly help them get started with data analytics. You can leverage end-to-end tailored packages to work with recommended SAP data sources. Additionally, it helps you realize results quickly by accessing documentation of KPIs.

ESG Reporting and Sustainability: SAP helps you deliver environmental, social, and economic impact with actionable insights and accurate reporting. You can deliver automated and auditable ESG reporting by analyzing your business data. SAP allows you to drive targeted action for sustainability performance.

SAP Pricing

SAP offers 2 Pricing options for its data analytics platform.

The "Business Intelligence" plan is priced at $36/user/month and offers automation, actionable insights and augmented analytics.

The "Planning" plan has an on-demand pricing quote and offers integrated planning, forecast automation and scenario modelling.

4. PowerBI

With PowerBI, you can quickly connect to data and prepare, remodel or visualize it. PowerBI mainly works on business intelligence and helps you create amazing data experiences. You can get the most out of your big data investments by connecting your data sources and sharing insights across the organization.

PowerBI Features

Here are some exclusive features of PowerBI:

Unify Self-service and Enterprise analytics: PowerBI meets both self-service and enterprise data analytics requirements. You can access powerful semantic models, an application lifecycle management toolkit, open connectivity framework and pixel-perfect paginated reports. PowerBI is a flexible platform that serves all business industries.

Industry-leading AI: With PowerBI, you can take advantage of the latest advances in Microsoft AI to build machine learning models. It helps you swiftly find insights from structured or unstructured data. PowerBI has the best-in-market AI capabilities and amplifies your business decisions through quality data insights.

Improved Publishing Efficiency: PowerBI allows you to quickly identify differences and move content from development and testing to production with confidence. Additionally, it ensures your datasets are ready for analysis by preparing them beforehand. PowerBI provides unrivalled publishing efficiency.

Analytics Streaming: PowerBI provides you access to real-time analytics from factory sensors or social media sources. It helps you anticipate negative sentiments around your business or uncover hidden trends so you can make timely business decisions to improve your brand image.

Actionable Insights: PowerBI connects with the Microsoft business ecosystem to help you turn your data into a competitive edge. With PowerBI, you can connect, combine and analyze your entire data estate. Additionally, PowerBI offers unparalleled Excel interoperation by connecting excel data models and reports to its dashboard.

PowerBI Pricing

PowerBI offers 2 Pricing options for its business intelligence and analytics platform.

The "Pro" plan is priced at $9.99/user/month and offers live dashboards, self-service analytics and insight sharing.

The "Premium" plan is priced at $20 /user/month and offers all available features of PowerBI.

5. Splunk

Splunk is unified security, analytics and observability platform that takes you from visibility to action. Splunk's extensible data platform unlocks innovation, drives resilience and enhances security. Moreover, it helps you use business data to tackle problems and discover game-changing opportunities.

Splunk Features

Here are some exclusive features of Splunk:

Cloud Platform: Splunk is hosted on the cloud and offers cutting-edge capabilities to tackle evolving use cases. You can use real-time stream processing to collect, process and distribute data to Splunk. Additionally, Splunk lets you trigger and correlate searches across your diverse data ecosystem.

Advanced Threat Detection: Splunk helps you prevent security incidents before they cause irrevocable damage through early and rapid behaviour-based detection. Splunk lets you monitor data for malicious behaviour and identify anomalies. You can then utilize the latest threat research to uncover stealthy adversaries.

Application Modernization: With Splunk, you can measure the impact of software changes, understand service health and consistently deliver great customer experiences. Splunk's real-time, directed troubleshooting ensures you get end-to-end visibility without any dead ends or blind spots.

SOC Automation and Orchestration: Splunk empowers your security teams to work smarter, boost productivity and respond faster by automating and orchestrating security operations processes. With Splunk, you can stop being reactive and use automation to create a proactive security operations team.

IT Modernization: Splunk helps you accelerate IT innovation without compromising service reliability. You can use Splunk's AIOps to maximize impact. It offers 360-degree monitoring with KPI-driven dashboards and predictive alerting to prevent outages from affecting end users.

Splunk Pricing

Splunk offers 4 Business solutions to help you incorporate data analysis and business intelligence.

The "Splunk Security Solutions" offers custom pricing and modernizes your security operations with advanced analytics and automated response.

The "Splunk Observability Solutions" is priced at $15/host/month upon annual billing and helps you deliver high-performing applications and better customer experiences.

The "Splunk Cloud Platform" has custom pricing and lets you search, analyze and act on your data insights.

The "Splunk Enterprise Platform" has custom pricing and offers private cloud or on-premise deployment.

Why use Data Analytics Software at all?

Most of the business data like; videos, customer chats, or IoT network input is complex and unstructured. This data is a goldmine for your business, but only when you can use it. Modern data analytics systems that are powered with AI, machine learning and advanced database technologies can help you comprehend and analyze big data.

You can use the insights from data analytics software to make confident and faster decisions. Instead of being buried under an Everest of big data, intelligent technologies like data analytics platforms help you take that mountain and break it down into manageable, organized blocks.

Why should you use Analytics Software for Banks?

Your digital transformation journey begins with a modern database management solution and revolves around what you can do with your business data. The power of business analytics lets you put together just the right sets of blocks and data sets to deliver meaningful insights about your customers and market.

Banks are inclined towards Analytics Software for Banks; to fully utilize their data and enhance organizational growth. By deriving insights from customer interactions and departmental reports, you can make better decisions that are well-appreciated by the clientele base.

Additionally, business analytics platforms help you innovate by using big data to create new products or services for your customers. You can analyze your customer's opinions about your current inventory or policies and overcome the shortcomings in your next product release.

Business analytics platforms serve countless roles in the professional world. Depending on your team's capabilities and flexibility, you can empower every department with big data and rapidly grow into a successful, revenue-generating bank.

Analytics Software for Banks For Businesses, A Summary

Analytics Software for Banks helps you understand the market environment and customer opinions to make better decisions. It enables you to uncover hidden trends and anticipate red flags that can tarnish your business reputation.

Tableau offers a unique business analytics platform well-known for its visual representations. It helps you organize business data in a comprehensive manner and derive insights or uncover trends. Tableau is our suggested pick for Analytics Software that suits Banks. Visit the website to get started.

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